Clarificaion of "value of an instrument" in Article 48(2)

Article 48(2) cross-refers to Article 47(3). The amounts referred to under points (b) and (c) of Article 47(3) should be based on the valuation carried out in accordance with Article 36.                 Hence, reference to 'their value' in Article 48(2) should be understood as value established by the valuation carried out in accordance with Article 36 of the BRRD. Please also refer to Q&A 2017_3629 . Disclaimer: This question goes beyond matters of consistent and effective application of the regulatory framework. A Directorate General of the Commission (Directorate General Financial Stability, Financial Services and Capital Markets Union) has prepared the answer, albeit that only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. This is an unofficial opinion of that Directorate General, which the European Banking Authority publishes on its behalf. The answers are not binding on the European Commission as an institution. You should be aware that the European Commission could adopt a position different from the one expressed in such Q&As, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention.